Illegal crypto mining surges in Malaysia amid unclear policies
Illegal mining and a lack of regulation limit Malaysia from tapping into the crypto mining revenue.
Rampant electricity theft by illegal miners, inconsistent policies and a lack of legal clarity may deter Malaysia from tapping the potential of cryptocurrency mining, according to an industry report released by the Access Blockchain Association of Malaysia.
Despite Malaysia’s strategic location, growing tech ecosystem and expertise in Shariah-compliant finance, the report suggests the country must iron out several internal factors to tap into the crypto mining revenue.
Malaysian multinational electricity company Tenaga Nasional Berhad (TNB) lost 441.6 million Malaysian ringgit ($104.2 million) to electricity theft between 2020 and September 2024, which the company attributed mainly to illegal Bitcoin (BTC) mining. Losses from 2018 to 2021 reached 2.3 billion ringgit.
